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All collection and processing of personal data in accordance with the provisions of the Personal Data Act (PDA) and General Data Protection Regulation (GDPR). Personal information means any information that can be used to identify a person, such as name, home address, and email address. The processing of personal data means any action taken with personal data such as collection, storage, and processing.

To be able to offer you our services in the best possible way, we need to collect and store some of your personal information. Your personal data will not be stored longer than necessary for us to fulfill our obligations to you or in terms of legislation.

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Complaints

We always strive to provide the best customer experience to our customers and have a constant focus on developing our products and services. If you feel discontent about any part of our offerings, please contact customer service info@avarda.com so that we are able to act on the situation.

About Avarda
Avarda AB
Company Reg. No: 559310-4697
Visiting Address: Lilla Brogatan 6, 503 30 Borås

Avarda AB is a credit market company, under the supervision of the Swedish Financial Supervisory Authority, the SFSA, with authorization to issue credits, provide payment services and offer deposits to the public.

Subject to the authorization, Avarda must comply with the detailed regulations specific to credit institutes and payment service providers, including the Banking and Financing Business Act (2004:297) and the Payment Service Act (2010:750), including regulations on capital and liquidity requirements, anti-money laundering and terrorism financing, internal governance and control, consumer credits, remunerations and ethics. In addition, Avarda is also required to comply to general laws, regulations, and industry practices, for example tax regulations, privacy regulations, contract law and labour law.

Owners and Board of Directors
Avarda AB is a wholly owned subsidiary of TF Bank AB (publ). TF Bank exercises its shareholders' decision-making power at the annual general meeting. According to the Swedish Companies Act (2005:551), the general meeting decides, among other things, on the articles of association, adoption of the balance sheet and profit and loss account, the discharging shareholders from liability, dividends, and the election of the Board of directors and auditors.

The Board of Directors has the overall responsibility for the activities conducted within Avarda. The Board of Directors has adopted rules of procedure for its work and for the work of its committees. The Board of Directors is responsible for Avardas organization and management and has the overall responsibility for Avardas governance and control framework. The Board of Directors is also responsible for the election and dismissing of the CEO and the control functions.

The Board of Directors continuously assesses Avardas company's financial situation, to ensure that its accounting, capital and liquidity management and asset management are managed in a responsible and efficient manner. The Board of Directors is also ultimately responsible for ensuring that Avarda conducts its operations in an ethically responsible and professional manner, that conflicts of interest are identified and managed and that Avarda maintains a sound risk culture.

CEO of Avarda

• Rasmus Rolén

The Board of Directors of Avarda is constituted as follows:

• Joakim Jansson, Chairman
• Mikael Meomuttel
• Katarina Berner Frösdal
• Karin Burgas
• Henrik Fritz

Internal Governance and control framework
Subject to its responsibility to establish an internal governance and control framework, the Board of Directors has established several policies for the management of for example capital adequacy and liquidity, risk management, compliance, anti-money laundering and terrorism financing, ethics and sustainability and consumer credits. The Policies have been implemented by instructions, established by the CEO.

To ensure a sound governance system, Avarda has organized itself in accordance with the three lines of defence model, which structures roles, responsibilities and accountabilities for decision-making and risk management.

The first line of defence is the daily risk management and control and consists of Avardas business units. The first line of defence ensures processes and procedures to identify, assess, manage, control and report risks.

The second line of defence consists of the independent risk control function and the compliance function. These functions monitor and review Avardas risk management system and its compliance to external and internal rules. The functions develop and maintain risk management practices and identify and monitor new and emerging risks. The second line of defence reports to the CEO and the Board of Directors.

The third line of defence is the independent audit function. Internal Audit provides fully independent reviews and controls of both the first and second lines. The third line of defence ensures effective enterprise risk management practices and reports to the Board of Directors.

Remunerations
The Board of Avarda has established a remuneration policy, in accordance with the principles in the Banking and Financing Business Act (SFS 2004:297) and the Swedish Financial Supervisory Authority's Regulations (FFFS 2011:1) and the EBA Guidelines EBA/GL/2021/04 on sound remuneration policies. The Board has established a remuneration committee, with the responsibility to prepare decisions on remunerations to identified staff and to monitor the adequacy of the remuneration system. The remuneration system is also reviewed, on an annual basis, by the Compliance Function.

To attract and retain staff, Avardas remuneration and other benefits shall be competitive. All forms of remuneration and benefits shall promote Avardas long-term interests as well as counteract excessive risk-taking. Avardas employees are entitled to fixed remuneration and variable remunerations, pension as well as other benefits. Both fixed remunerations are determined on an individual basis considering the employee's performance experience and responsibilities. Variable remunerations are, in addition, determined based on the employee’s individual performance, the company goals and the capital adequacy requirements. For variable remuneration, principles of deferral are applied.